https://www.taxtmi.com/caselaws?id=61508 The Appellate Tribunal upheld the decision to levy capital gains on the sale of a property that was partly occupied by the assessee and partly tenanted. The Tribunal determined that since the ground floor was rented out, the property could not be considered mainly utilized for residential purposes, as required for exemption under Section 54 of the Income-tax Act, 1961. Despite the assessee purchasing another house after the sale, the claim for exemption of capital gains was deemed inadmissible. The Tribunal dismissed the assessee's appeal, denying the exemption and upholding the levy of capital gains on the property sale. en-us Fri, 25 Jul 1986 00:00:00 +0530 Wed, 12 Jan 2011 18:48:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61508 The Appellate Tribunal upheld the decision to levy capital gains on the sale of a property that was partly occupied by the assessee and partly tenanted. The Tribunal determined that since the ground floor was rented out, the property could not be considered mainly utilized for residential purposes, as required for exemption under Section 54 of the Income-tax Act, 1961. Despite the assessee purchasing another house after the sale, the claim for exemption of capital gains was deemed inadmissible. The Tribunal dismissed the assessee's appeal, denying the exemption and upholding the levy of capital gains on the property sale. Case-Laws Income Tax Fri, 25 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61508